Chile: Tianqi on financial information regarding the Codelco-SQM agreement, "It is completely inadequate."

The Chinese firm sharply criticized the agreement between Codelco and SQM, accusing SQM of "repeatedly refusing to convene a meeting to vote on this important decision."

Tianqi Lithium expressed its dissatisfaction with the alliance between SQM and Codelco during the recent extraordinary shareholders' meeting of SQM. Through its subsidiary in Chile, TLC SpA, it reiterated the need for "greater transparency and consideration of the rights of all minority shareholders."

"As significant shareholders of the company, Tianqi has identified a series of actions that it considers contrary to these principles of transparency and fairness that should govern any corporation," the company stated.

Tianqi noted in its statement that it requested the alliance operation between SQM and Codelco to be submitted to the shareholders' meeting. Despite this, it indicated that the management of SQM "has repeatedly refused to convene a meeting to vote on this important decision."

As a result, Tianqi has taken "explicit actions to ensure compliance with current regulations and protect the rights of minority shareholders."

Chairman of the Board of SQM on Tianqi's statements: "They are regrettable."

The firm also expressed its displeasure with the statements made by SQM's Chairman of the Board, Gonzalo Guerrero, accusing them of compromising "the impartiality and loyalty that management owes to all its shareholders."

Meanwhile, SQM's Chairman of the Board, Gonzalo Guerrero, stated that "the public statements made by Tianqi Lithium - a direct competitor of SQM - are regrettable and once again demonstrate that said company is and acts as a competitor of SQM."

Tianqi concluded by stating that the economic and financial information made available to the public in recent hours "is entirely insufficient to seriously analyze the consequences of the operation for SQM."

It added that there are still multiple undisclosed aspects that "are crucial for a full understanding of the impact of this alliance, including the valuation and conditions under which Salar Maricunga will be transferred to Codelco."